(ITU) Busan ties up with SK Telecom, Cisco to test 'smart city'
By Kang Yoon-seung
BUSAN, Oct. 30 (Yonhap) -- South Korea's Busan city government sealed a deal Thursday with local and U.S. firms to try building a "smart city" based on technologies of the Internet of Things (IOT).
The agreement was signed with SK Telecom, the country's biggest mobile carrier, and Cisco Systems of the U.S. to develop IoT-based services in both public and private sectors and includes building a 100 billion won (US$94.8 billion) research center that will set standards and conduct tests related to the IoT, city officials said.
The city, the country's second-largest that has massive port facilities, will provide the other partners with venues to test their IoT technologies, they said.
The IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices to exchange necessary data for improved efficiency and convenience.
The agreement includes other projects, including partnerships with other local small and medium-sized firms for shared growth.
"Top-tier firms like Cisco and SK Telecom are set to develop new business models and jobs to seek shared growth with local firms, and this will also lend support to the Busan economy," a city official said.
The deal was signed on the sidelines of the International Telecommunications Union Plenipotentiary Conference 2014, referred to as PP-14, underway in Busan. The conference will run through Nov. 7.